Financial Sanctions Checker Solution

Financial sanctions prohibit an organisation from carrying out transactions with a listed individual or an organisation. Financial sanctions apply to all transactions; there is no minimum financial limit.

The sanctions search tool checks against:

• Government published sanctions lists across the UK, European Union, United States of America and other regions for specially designated and/or sanctioned individuals and entities
• Politically exposed persons and high-risk-person lists.
• The tool will reveal global, European and UK financial sanctions alerts.

Sanctions Checker is a powerful, easy-to-use system that significantly reduces the time and effort to perform checks against listed targets. Its unique combination of capabilities offers an effective and pragmatic solution to your requirements. It can be used for almost any sector that carries out financial transactions with individuals and entities.

Checks can be run in the standalone application on an ad-hoc basis or lists of existing clients and suppliers can be run using a batch process without requiring a human to trigger the search. In addition, we have a ready to use API integration that can embed the process within an existing system.

Please see two sector examples below:

Financial Industry

In the financial sector, organisations must comply with anti-money laundering (AML) laws and avoid processing transactions with individuals or entities on global sanction lists.

Sanctions Checker can:

• Monitor Transactions: For banks and financial institutions, lists of new and existing clients, suppliers and relevant individuals and entities can be scanned, identifying whether any involved parties are on global sanctions lists produced by OFAC (USA), EU, UK or other governments. If using the Sanctions Checker API, these checks can be set to run on any trigger the client desires i.e. a new client or supplier is added to an existing system within the financial institution, or a payment is set to be made to a client or supplier within an existing system. These events can trigger a call to the Sanctions Checker API with the results returned in the financial institution system almost immediately.
• Mitigate Risk: It helps mitigate the risk of legal fines and reputational damage by ensuring that financial institutions do not engage with sanctioned individuals or entities.

Example:

• A bank facilitating international payments can use Northdoor’s Sanctions Checker to scan both the sender and recipient of funds, ensuring compliance with regulations before approving the transaction.
• A Mortgage broker working with an international buyer looking to purchase property in the UK can use Sanctions Checker to verify that the buyer is not on a sanctions list, ensuring they remain compliant with UK and global regulations.
• An insurance company providing marine insurance can use Sanctions Checker to verify that the shipping companies, cargo owners, or vessels it insures are not on any global sanctions lists, ensuring they comply with international sanctions regulations.

Cross-Sector Benefits:
1. Automated Compliance: Whether it’s a financial institution or a non-profit, Northdoor’s Sanction Checker aides the compliance process, helping organisations meet regulatory obligations without the need for time consuming and resource hungry manual processes.
2. Reputation Management: Both sectors benefit from safeguarding their reputation by avoiding unintentional engagements with sanctioned entities or individuals.

In summary, Northdoor’s Sanction Checker serves as an essential compliance tool for many sectors, providing real-time verification, risk management, and regulatory compliance.

To see the Sanctions Checker solution in action, book a one-to-one demonstration with our team today! Our experts can show you how the solution can help you quickly and efficiently run checks against listed individuals and organisations.